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North American Construction expands, extends credit facility
By Taylor Fox
New York, Oct. 8 – North American Construction Group Ltd. expanded and extended its senior secured credit facility, according to a news release.
The facility limit is now C$325 million, which will mature Oct. 8, 2023.
The amendment process commenced in September, led by National Bank of Canada, with the primary objective of extending favorable existing terms and conditions.
With this agreement in place, liquidity is expected to remain well above C$100 million for the duration of the agreement.
North American Construction may increase maximum borrowings by an additional C$50 million, subject to certain customary conditions.
The existing allowance for equipment financing of up to C$150 million over and above the facility limit will continue, providing supplemental borrowing flexibility.
The facility is comprised solely of a revolver with no scheduled repayments and is not governed by a borrowing base that limits available borrowings. Financial covenants are consistent with the previous agreement and are tested quarterly on a trailing four quarter basis.
North American Construction is an Acheson, Alta.-based heavy construction and mining company.
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